The Economic and Financial Crimes Commission (EFCC) has arraigned a man, Mahmud A. Abubakar, before the Federal Capital Territory High Court in Maitama, Abuja, over alleged retention and transfer of proceeds of criminal activity worth N1.09 billion.
Abubakar was arraigned on Wednesday, September 2, 2026, before Justice N.C. Nwabulu on a two-count charge involving a total of N1,098,976,008.
The EFCC alleged that Abubakar retained N795,360,000 in his Access Bank account between January and December 2024, knowing that the funds were proceeds of criminal conduct.
The first count states: “That you Mahmud A. Abubakar, between January 2024 and December 2024, within the jurisdiction of this Honourable Court did retain control of the proceeds of a criminal conduct totalling N795,360,000 (Seven Hundred and Ninety-five million, Three hundred and Sixty Thousand Naira) in your Access Bank with name Mahmud A. Abubakar and number 0057310017, which sum you knew that the same was derived from criminal conduct and thereby committed an offence contrary to Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and punishable under Section 17(b) of the same Act.”
In the second count, the anti-graft agency alleged that Abubakar transferred N303,616,008 from the same Access Bank account to one Suleiman Umar, knowing that the money was derived from criminal conduct.
The second count reads: “That you Mahmud A. Abubakar, between January 2024 and December 2024, within the jurisdiction of this Honourable Court did transfer proceeds of a criminal conduct totalling N303,616,008 (Three Hundred and Three Million, Six Hundred and Sixteen Thousand Eight Naira) from your Access Bank with name Mahmud A. Abubakar and number 0057310017, to one Suleiman Umar which sum you knew that the same was derived from criminal conduct and thereby committed an offence contrary to Section 17(a) of the Economic and Financial Crimes Commission (Establishment) Act 2004 and punishable under Section 17(b) of the same Act.”
Abubakar pleaded not guilty to both counts.
Following his plea, EFCC counsel, Y.Y. Tarfa, requested a date for trial and asked the court to remand the defendant in a correctional centre.
Defence counsel, A.M. Aliyu, however, filed a bail application, which was not opposed by the prosecution.
Justice Nwabulu subsequently granted Abubakar bail with two sureties.
The court stipulated that both sureties must be Level 15 civil servants, while one of them must also own landed property within the Federal Capital Territory.
Pending the fulfilment of the bail conditions, the judge ordered that Abubakar be remanded at the Kuje Correctional Centre, Abuja.
The court adjourned the case until September 30, 2026, for commencement of trial.
